EverestLabs, a software and automation solutions company based in Fremont, California, has raised $16.1 million in Series A funding to help the company scale its RecycleOS artificial intelligence- (AI-) enabled operating system for recycling facilities.
According to EverestLabs, funding was led by Palo Alto, California-based Translink Capital and joined by NEC Orchestrating Future Fund, as well as existing investors Benhamou Global Ventures, Sierra Ventures, Morado Ventures and Xplorer Capital.
As part of this funding round, Kaz Kikuchi, principal of Translink Capital, will join EverestLabs’ board of directors.
“The materials recovery facility (MRF) industry represents a major market with a $9 billion opportunity in the U.S. alone, yet MRFs are losing billions in missed revenue from recyclables that end up in landfills or that could have been sold in bales to manufacturers,” Kikuchi says. “EverestLabs’ AI-enabled RecycleOS solution has proven that it is uniquely positioned to solve this challenge, significantly improving MRFs’ operational efficiency and cost savings, and alleviating labor shortage issues—all of which are critical as the recycling industry continues to evolve and play a key role in the future of global sustainability and the circular economy. We are thrilled to support EverestLabs’ mission and vision to transform the recycling industry through innovative technologies.”
EverestLabs built the RecycleOS system to target recovery and decarbonization challenges. The company says the technology provides both AI and automation solutions to MRF operators, consumer packaged goods companies and packaging manufacturers. EverestLabs says the robotic cells can recover recyclables “with greater than 90 percent efficacy.”
EverestLabs says its RecycleOS system is being applied at MRFs in the U.S., including at Sims Municipal Recycling’s Sunset Park MRF in Brooklyn, New York. Sims installed four robots from EverestLabs at that facility this past spring.
“Since installing four EverestLabs’ robotic cells in our commingled recycling facility … we’ve seen cost savings and improved materials recovery within a short period,” says Tom Outerbridge, president of Sims Municipal Recycling. “We look forward to continuing work with EverestLabs to expand our investments in the coming months.”
“EverestLabs is thankful to our customers, investors and employees for believing in our mission and sharing our vision to achieve the decarbonization of packaging by empowering MRF operators,” says JD Ambati, founder and CEO of EverestLabs. “This funding will enable us to continue investing in our technology and our employees to support global customers.”
Ambati will be presenting in a session on data and system intelligence during Recycling Today Media Group’s MRF Operations Forum, which takes place Oct. 18 in Chicago. Details about that session and the event are available here.